1. According to the law of supply, price and quantity move a) along a track in the same direction. b) along a track in opposite directions. c) from different points toward one another. d) from the same point away from one another. 2. According to the law of demand, price and quantity move A) along a track in the same direction. B) along a track in opposite directions. C) from different points toward one another. D) from the same point away from one another.

Need a paper written? Our academic experts can create an original essay on any subject for ~~$13.00~~ $11/page Learn More

Along a track in the same direction.

Explanation:

According to the law of supply in economics, if the price of goods increases, the number of goods will also increase and vice versa. The reason for it is that when the price grows, suppliers will try to maximize their profits by manufacturing more products for sale. The supply curve shows this phenomenon in detail.

Question 2.

Answer:

Along a track in opposite directions.

Explanation:

The law of demand is a fundamental concept in economics that states that the quantity varies inversely with price. It means that the higher the price of goods, the lower the purchased quantity. The demand curve is an inverted version of the supply curve.

A supply curve graph. — A supply curve (Source: www.investopedia.com)

Rate the answer:

Further research on topic

Answer by Academic.tip's expert

An answer to this question is provided by one of our experts who specializes in business & economics. Let us know how much you liked it and give it a rating.

Cite this page

Select a citation style:

References

Academic.Tips. (2022) '1. According to the law of supply, price and quantity move a) along a track in the same direction. b) along a track in opposite directions. c) from different points toward one another. d) from the same point away from one another. 2. According to the law of demand, price and quantity move A) along a track in the same direction. B) along a track in opposite directions. C) from different points toward one another. D) from the same point away from one another'. 30 January.

Reference

Academic.Tips. (2022, January 30). 1. According to the law of supply, price and quantity move a) along a track in the same direction. b) along a track in opposite directions. c) from different points toward one another. d) from the same point away from one another. 2. According to the law of demand, price and quantity move A) along a track in the same direction. B) along a track in opposite directions. C) from different points toward one another. D) from the same point away from one another. https://academic.tips/question/according-to-the-law-of-supply-price-and-quantity-move/

References

Academic.Tips. 2022. "1. According to the law of supply, price and quantity move a) along a track in the same direction. b) along a track in opposite directions. c) from different points toward one another. d) from the same point away from one another. 2. According to the law of demand, price and quantity move A) along a track in the same direction. B) along a track in opposite directions. C) from different points toward one another. D) from the same point away from one another." January 30, 2022. https://academic.tips/question/according-to-the-law-of-supply-price-and-quantity-move/.

1. Academic.Tips. "1. According to the law of supply, price and quantity move a) along a track in the same direction. b) along a track in opposite directions. c) from different points toward one another. d) from the same point away from one another. 2. According to the law of demand, price and quantity move A) along a track in the same direction. B) along a track in opposite directions. C) from different points toward one another. D) from the same point away from one another." January 30, 2022. https://academic.tips/question/according-to-the-law-of-supply-price-and-quantity-move/.

Bibliography

Academic.Tips. "1. According to the law of supply, price and quantity move a) along a track in the same direction. b) along a track in opposite directions. c) from different points toward one another. d) from the same point away from one another. 2. According to the law of demand, price and quantity move A) along a track in the same direction. B) along a track in opposite directions. C) from different points toward one another. D) from the same point away from one another." January 30, 2022. https://academic.tips/question/according-to-the-law-of-supply-price-and-quantity-move/.

Work Cited

"1. According to the law of supply, price and quantity move a) along a track in the same direction. b) along a track in opposite directions. c) from different points toward one another. d) from the same point away from one another. 2. According to the law of demand, price and quantity move A) along a track in the same direction. B) along a track in opposite directions. C) from different points toward one another. D) from the same point away from one another." Academic.Tips, 30 Jan. 2022, academic.tips/question/according-to-the-law-of-supply-price-and-quantity-move/.

Copy